Wind Turbine Market will surge at 6% CAGR to hit $70 billion by 2024

Europe wind turbine market is expected to surpass an annual installation of over 20 GW by 2024 as low carbon emission and cost efficiency will propel the industry growth.

Sellbyville, United States – January 11, 2019 /MarketersMedia/ —

The offshore wind turbine market is expected to exceed USD 16 Billion by 2024. Positive regulatory inclination coupled with long term integration targets will drive the global industry dynamics. Higher efficiency and cost effectiveness are some of the essential parameters which will complement the industry dynamics. Improved operating activity statistics when compared to its counterparts will further enhance the technological demand.

Global Wind turbine market value is anticipated to surpass USD 70 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. The wind turbine market across the globe, in the existing industrial regime has been influenced on account of increasing energy demand from privately owned wind farm ventures and utility aided renewable establishments. The balance between demand and supply has been a key concern for private utilities and industrial participants which in turn has escalated investments toward the development of sustainable power generation plants.

Ability to produce power in turbulent conditions coupled with easy operational activities and low maintenance costs are some of the essential features reforming the horizontal axis wind turbine market share. In addition, effective feasibility across residential applications with low rated capacity observed by positive consumer outlook will nourish the vertical axis unit deployments.

The stand-alone product portfolio is predicted to grow pertaining to economic feasibility and ease in operations in distant areas when compared to the on-grid power networks. Various government incentives and programs including rural electrification along with growing acceptance of micro-grid electrical networks will further complement the business outlook. Lesser installation costs coupled with governmental reforms & schemes including FiT and net metering will stimulate the on-grid wind turbine market share. Swift expansion of utility-based electricity infrastructure to cater the rising electricity demand from residential & industrial areas will further strengthen the industry landscape.